Backgrounder

NWT Fur Surges at Season's Largest Auction

YELLOWKNIFE (April 3, 2017) — This year’s biggest fur auction yielded strong results for Northwest Territories trappers as they will receive their largest payout in two years.

The annual Saga, American Legend and Fur Harvesters fur auction in Helsinki, Finland drew nearly half-a-million in sales for NWT wild furs sold under the Government of the Northwest Territories (GNWT)-managed Genuine Mackenzie Valley Fur (GMVF) brand — nearly doubling the total from 2016’s auction.

Marten — the NWT’s top-selling pelt— made up more than $430,000 of the take with a 76% year-over-year increase in the average price for the prized pelts.

This year’s auction included new buyers from the Asian and European markets engaged from the GNWT’s presentation of GMVF Furs at the China Fur and Leather Products Fair in Beijing in January.

As part of its mandate to promote economic diversity through strategic investments in traditional harvesting, the GNWT is committed to increasing exports by promoting NWT fur products to international markets.

Quote

“The fur trade is the heart of our territory’s cultural and economic history, it is also an important part of our shared future. We’re pleased to see the fur industry rebound for the benefit of trappers and their families. We are committed to supporting and growing the international visibility of our Genuine Mackenzie Valley Fur brand to grow and protect the economic and cultural returns we realize from our territory’s original economy.
- Wally Schumann, Minister of Industry, Tourism and Investment

Quick facts

Total sales amounted to $499, 872.07

The average price for Marten was $113.35

The successful marketing of GMVF furs by the Department of Industry, Tourism and Investment (ITI) is supported by a suite of workshops and programs delivered by the Department of Environment and Natural Resources, that provide training and financial stability and certainty for NWT trappers.

Traditional economy generates more than $2 million for the NWT economy annually.